Three special economic zones to be built

Updated: 15:21’ - 24/07/2014

The 20-year-old policy of the Vietnamese Party and State to build three special economic zones (SEZs) to serve as the country’s growth poles has recently been reaffirmed by Vuong Dinh Hue, head of the Central Economic Committee at a recent workshop on development of special economic zones held in Quang Ninh province.

These SEZs, to be built in coastal districts of Van Don (Quang Ninh), Van Phong (Khanh Hoa) and Phu Quoc (Kien Giang) under Conclusion No. 74-KL/TW dated October 17, 2014 of the 8th plenum of the Party Central Committee (XIth Congress), will also serve the trial implementation of breakthrough economic and adminitrative policies and regulations before they may be applied nationwide and help develop marine economy.

As planned, these SEZs would be superior to the existing economic zones, which have been offering mostly tax and land rent incentives and failed to attract strategic foreign investors with truly large-sized projects and modern technologies.

Hue confirmed the necessity to build as soon as possible the Law on Special Economic Zones (or the Law on Special Administrative-Economic Units), which was included in the XIIIth National Assembly’s law-making program, and promulgate and implement administrative and economic policies in conformity with international practices which can help these SEZs compete with existing special economic or free trade zones in the world.

The Ministry of Planning and Investment has been assigned by the Government to draft this Law to specify the relevant provision in the new Constitution.